Secoo Holding Limited (NASDAQ:SECO) Q2 2020 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 08:00 am ET

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Secoo Holding Limited (NASDAQ:SECO) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Hello, ladies and gentlemen, thank you for standing by for Secoo Holding Limited's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded.I will now turn the call over to your host, Ms. Jingbo Ma, Board Secretary of the Company. Please go ahead Jingbo.

Executive
Jingbo Ma

Hello, everyone and welcome to the second quarter 2020 earnings conference call of Secoo Holding Limited. The Company's results were issued via our Newswire services earlier today and have been posted online. You can download the earnings press release and sign up to the Company's e-mail alerts by visiting the IR section of our website at ir.secoo.com.

Mr. Richard Li, our Founder, Chairman and Chief Executive Officer; and Mr. Shaojun Chen, our Chief Financial Officer will start the call with their prepared remarks, followed by a question-and-answer session.

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's results may be materially different from the views expressed today.

Further information regarding this and other risks and uncertainties is included in the Company's registration statement of Form F-1 and Form 20-F as filed with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Please also note that Secoo's earnings press release and this conference call includes discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Secoo's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

I will now turn the call to our Chairman and CEO, Mr. Richard Li. Please go ahead.

Executive
Richard Rixue Li

[Foreign Speech] Hello, everyone and thank you for joining us today.

[Foreign Speech] In the second quarter of 2020, we continue to deliver healthy operational and financial results with GMV of RMB3.632 billion up 12.1% year-over-year. Despite the ongoing impact of the COVID-19 pandemic across the globe, our long-term growth driver remains intact and the execution of our strategies remains on track. Bolstered by our well placed globalized supply chain, we continue to elevate our relations with top brands and build our ties with high quality suppliers and strategic partners worldwide. As a go-to luxury platform in China, we are committed to enriching and expanding high-end premium quality products and services offering. At the same time, we are strengthening our operational capability which are powered by intelligence technology. All these efforts are allowing us to further optimize the luxury shopping experience on Secoo's platform, which in turn can further increase our user retention rate.

[Foreign Speech]

In our effort to curate the product portfolio and broaden the brand collaboration, we continue to step up our car platform capability and strength in the upscale retail sector. Since the beginning of the second quarter to-date, they have secured direct cooperation partnership with a total of 148